The present invention relates to energy, and more specifically, this invention relates to stabilizing energy demand from a utility.
Electric utilities include companies in the electric power industry which engage in electrical energy generation and/or distribution of electrical energy, where “energy” is the capacity to do work, while “power” is the rate of producing or consuming energy. Moreover, electrical energy is distributed across electrical energy distribution systems, or “grids”, which include interconnected networks for delivering electricity from the utilities to consumers.
Advances in renewable energy and Internet of things (IoT) compatible devices have led to greater levels of granularity in terms of assessing the amount of power demanded by consumers from an energy grid. Although conventional analytics provide information which informs both consumers and utility companies how to forecast power consumption, the volatility of demand from individual consumers presents a significant problem to the conventional infrastructure of a utility company. In fact, it is generally more difficult for a typical electrical utility to handle a volatile energy demand than it is to handle an energy demand that is higher than the average of the volatile energy demand but also relatively stable. Moreover, it is greatly undesirable for utility companies to make a significant investment to upgrade their technologies in an attempt to overcome this issue without any assurance of achieving improvements.